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Lucky Lou’s Rice Pudding: Market Analysis

Core Value Proposition and Target Market Identification

Market Analysis. Lucky Lou’s Rice Pudding is a company that belongs to the grocery foods market, which is enormous, and continues expanding. In the US, the sales in retail and food service amounted to $6.2 trillion in 2019, increasing for ten years successively (Coppola, 2021). Therefore, as a small business, Marina’s company can be challenged by increased competition from large corporations with secure distribution sales.

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Segmentation strategy. The segment dimensions to be applied to Marina’s business include the geographic locations and behavior and consumption patterns. Being based in New York, Lucky Lou’s Rice Pudding can capture a significant number of customers locally as well as potential consumers in neighboring states. By studying the market, Lucky Lou’s Rice Pudding can be targeted to a large demographic of consumers from different segments and of different generations.

Target market characteristics. Our customers include regular consumers of different ages and income statuses. The fresh product is appealing because it is tasty and healthy, as well as easy to purchase and consumer. It is made by a woman-led company and a dedicated team of workers, and the brand can be interesting to consumers who pay attention to corporate social responsibility and value sustainability and local production.

The unique benefit of Lucky Lou’s Rice Pudding is not only getting a high-quality consumable but also supporting a small business that offers value to its local community during the pandemic. Because Lucky Lou’s can be delivered straight to customers’ doorsteps, it is very accessible and can be ordered online, which is highly convenient considering the current trend of online grocery shopping during social distancing.

Reference

Coppola, D. (2021). U.S. food retail industry – statistics & facts. Web.

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StudyCorgi. (2022, July 3). Lucky Lou’s Rice Pudding: Market Analysis. Retrieved from https://studycorgi.com/lucky-lous-rice-pudding-market-analysis/

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StudyCorgi. (2022, July 3). Lucky Lou’s Rice Pudding: Market Analysis. https://studycorgi.com/lucky-lous-rice-pudding-market-analysis/

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StudyCorgi. "Lucky Lou’s Rice Pudding: Market Analysis." July 3, 2022. https://studycorgi.com/lucky-lous-rice-pudding-market-analysis/.

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StudyCorgi. 2022. "Lucky Lou’s Rice Pudding: Market Analysis." July 3, 2022. https://studycorgi.com/lucky-lous-rice-pudding-market-analysis/.

References

StudyCorgi. (2022) 'Lucky Lou’s Rice Pudding: Market Analysis'. 3 July.

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